SHOP Long Closed
I entered long on 6/17 seeing a consolidation in the form of an ascending wedge as well as the TTM squeeze indicating the stock was getting ready for a larger move. The overall trend of the stock on the yearly time frame is bullish. On the weekly time frame the stock just made a strong move up and is nearing major resistance. I was expecting a continuation therefore went long when the price action, volume and indicators lined up.
The risks to this trade was that it was very near major resistance meaning it may have moved up and turned down quickly. It also looks slightly extended though not significantly. The biggest risk was that the market is erotic right now and if the market went against the stocks there is a large risk of loss.